When it comes to delicate subjects, the best approach may be to bring things out into the open in an effort to take positive steps forward. With this in mind, we would like to take a look at the subject of elder financial abuse.
There are cases of elder financial abuse that are perpetrated by predators who target individuals they perceive as being vulnerable. These criminals perpetrate cons and scams of various types, and this is of course a real and present danger. The epidemic of identity theft is another thing for senior citizens to be aware of, especially in the age of the Internet. I recently sat with a financial advisor who described a situation where his elderly father was taken advantage of by a person offering company beyond companionship, for gifts and other financial consideration, of course.
The above is an unfortunate fact of life. But what is especially disturbing is the number of cases of elder financial abuse that are perpetrated by family members, friends, neighbors, and other people that the victim is acquainted with.
Elders often experience a sense of loneliness, so they may really value any attention that is given to them. They also typically need assistance of various types and family members may step up to help out. In the majority of cases, this is simply people helping people and that is a very good thing.
However, there are bad apples out there and it is important to be aware of the possibility of someone known to you taking advantage of you financially when you reach an advanced age.
On a positive note, you can take steps to protect yourself legally. If you would like to explore your options in this regard while discussing a comprehensive plan for aging with an expert, don’t hesitate to pick up the phone to arrange for a consultation with a good Oklahoma City elder law attorney.
Author, President and Founding Attorney
Parman & Easterday